Jamie Dimon isn’t a fan of Bitcoin, but he plans to start offering it to the clients of JPMORGAN Chase, nononeheless.
“We are going to allow you to buy it. We’re not going to custody it. We’re going to put it in statements for clients,” Dimon Said Monday at the Bank’s Annual Presentation for Investors.
“I don’t think you show smoke. But i defy your right to smoke,” he said in explaining his position.
The Bitcoin Comments Came As the JPMORGAN CEO, OFTEN CONSIDERED WALL STREET’S ELDER STATESTEM, TOOK to Answer Questions from Investors and Research Analysts. In the roughly 40-minute session, he touched on various topics, from the economy to what he was expensive from President Donald Trump’s Regulators.
Dimon Sounded A Dour Note on the Economy, Saying He Thought of the Risk of Stagflation Was “Two Times” As High as Many Think and Making Direction on Credit As an Investment Class.
“Think the worst one for a bank and for most companies is stagflation,” He Said, Adding: “Think the Odds of that Probably Two Times What the Market Thinks.”
He Also Said the Bank Had Lost Some Commercial Opportunities As A Result of Trump’s Trade War. “We’ve Lost Business Because of that,” He Said in Response to An Analyst’s Question.
He Sounded UpBeat, Howver, when it came to the President’s Regulatory Agenda.
“Think that the Secretary of Treasury, the President of the United States, the New Head of the Occ, the new head of the CFPB, the Michelle Bowman at Federal Reserve, and the Second? “I think they’ll accompish some of that. Some Will Take Longer than Others, but they all want to do it.”
He Called on Regulators to Consider Lightening Regulations for Publicly Traded Companies, WHICH he Said Had Been Halved the 1990s, From 8,000 to 4,000.
“We’re driving companies out of the public marketplace Because of Expensive Reporting, Lithigation, Cookie-Cutter Approaches to Boards, Compensation,” He Said.
“I WOULD LOVE TO BE A PRIVATE COMPANY,” he added.
Dimon Also Raised Questions About the Rapid Expansion of Investments in Credit, Including Through Funds Raised to Make Nonbank Loans, Private Credit.
“I don’t like Making Forecasts, but i am not a buyer of credit today. I Think Credit Today is a Bad Risk,” He Said, Adding: “I Think that People Who Haven Through Major Downsg The Point About What Can.”
Nor interest rates and Economic Conditions Soften, The Risk of Credit Defaults Rises, Sometimes Leaving Borrowers Strapped for Cash and Struggling to Recoup Capital.
Earlier in the Day, Marianne Lake, JPMORGAN’S CEO of Consumer and Community Banking, Said the Firm Was “Closely Monitoring the Whole” of Lending But Giving Up Despite Warning Signs.
“The Environment is Very Challenging for Home Lending and Auto,” She Said, Adding: “But We Remain Commonted.”
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